UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases 10,979 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Mercantile Bank Co. (NASDAQ:MBWM - Free Report) by 62.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,506 shares of the financial services provider's stock after purchasing an additional 10,979 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.18% of Mercantile Bank worth $1,268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MBWM. Picton Mahoney Asset Management purchased a new position in Mercantile Bank in the 4th quarter worth about $29,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Mercantile Bank in the fourth quarter worth approximately $35,000. Point72 Asset Management L.P. purchased a new position in shares of Mercantile Bank during the fourth quarter valued at approximately $102,000. Quantbot Technologies LP lifted its position in Mercantile Bank by 14.6% during the fourth quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider's stock valued at $104,000 after purchasing an additional 297 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in Mercantile Bank in the fourth quarter worth approximately $133,000. Institutional investors own 58.63% of the company's stock.

Mercantile Bank Stock Performance

NASDAQ MBWM traded down $0.86 during trading hours on Friday, hitting $43.92. 19,929 shares of the company's stock traded hands, compared to its average volume of 65,920. Mercantile Bank Co. has a 52 week low of $35.67 and a 52 week high of $52.98. The firm has a market capitalization of $713.04 million, a P/E ratio of 8.88 and a beta of 0.88. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. The business's fifty day moving average price is $43.05 and its two-hundred day moving average price is $45.33.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.02. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. The firm had revenue of $57.20 million during the quarter, compared to the consensus estimate of $57.57 million. Equities research analysts predict that Mercantile Bank Co. will post 4.83 EPS for the current year.

Mercantile Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Friday, June 6th will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date is Friday, June 6th. Mercantile Bank's payout ratio is 30.71%.

Wall Street Analyst Weigh In

Separately, Piper Sandler decreased their target price on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd.

About Mercantile Bank

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.